STERIS Announces Financial Results for Fiscal 2024 Second Quarter - Seite 2

Fiscal 2024 second quarter revenue for Applied Sterilization Technologies (AST) increased 1% as reported to $235.1 million compared with $232.4 million in the same period last year. This performance reflected 5% growth in service revenue, offset by a decline in capital equipment, which was primarily due to timing. Underlying service growth continues to be impacted by Medtech Customer inventory management and the reduction in demand from bioprocessing Customers. Constant currency organic revenue in the quarter decreased 1%. Segment operating income was $110.8 million in the second quarter of fiscal 2024, somewhat limited by lower volumes, compared with operating income of $110.4 million in the same period last year.

Life Sciences second quarter revenue as reported increased 6% to $133.1 million compared with $125.8 million in the second quarter of fiscal 2023. This performance reflected an 18% increase in capital equipment revenue and a 3% increase in consumable revenue, while service revenue was flat as compared with second quarter last year. Constant currency organic revenue increased 5% in the quarter compared with the prior year quarter. Reflecting the improvement in volume and price, operating income increased to $50.3 million in the second quarter of fiscal 2024 compared with $48.6 million in the prior year’s second quarter.

Dental second quarter revenue as reported declined 5% to $104.2 million compared with $109.6 million in the second quarter of fiscal 2023. Constant currency organic revenue declined 6% in the quarter compared with the prior year quarter. Reflecting lower volume, operating income was $24.5 million in the second quarter of fiscal 2024 compared with $28.1 million in the prior year’s second quarter.

Cash Flow
Net cash provided by operations for the first half of fiscal 2024 was $427.2 million, compared with $335.6 million in the same period during fiscal 2023. Free cash flow (see Non-GAAP Financial Measures) for the first half of fiscal 2024 was $284.7 million compared with $138.2 million in the prior year period. The increase in free cash flow during the period was primarily driven by lower capital spending and a decline in cash used for tax and compensation related payments.

Fiscal 2024 Outlook
The company is confirming its outlook for fiscal 2024 of as reported revenue growth of 9-10% and constant currency organic revenue growth of 6-7%. Adjusted earnings per diluted share are anticipated to be in the range of $8.60 to $8.80. Free cash flow for fiscal 2024 is anticipated to be approximately $685 million.